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The International Property Measurement Standards Coalition (IPMSC) has launched a public consultation on the new International Property Measurement Standard (IPMS) for office buildings.
The three-month consultation, which will end on April 4, calls for practitioners and stakeholders in the office real estate segment to contribute to the new international standard produced by the IPMSC Standards Setting Committee.
The new international standard will provide a common language for measuring offices across international markets, benefiting real estate practitioners, including investors, lenders, agents, valuers and occupiers. At present, different markets adopt different methods of measurement for property assets such as homes, office buildings and shopping centres. This makes it difficult for global investors, occupiers and tenants to accurately compare space.
Research by global property firm Jones Lang LaSalle suggests that, depending on the method used, a property's floor area measurement can deviate by as much as 24 per cent.
Ken Creighton, Chairman of the IPMSC Board of Trustees and Royal Institution of Chartered Surveyors Director of Professional Standards, said, "Less than a year after the coalition met for the first time at the World Bank in Washington, we now have an international standard.
"This standard will undoubtedly have a profound and lasting benefit for the global real estate industry, financial markets and society as a whole, ensuring transparency and consistency are at the very heart of this global industry."
IPMS will be adopted by all 28 coalition organisations with firms around the world already poised to implement IPMS from June.
In the Middle East, the Dubai Government has already become the first government to commit to its adoption, which will underpin valuations of commercial property and financial reporting through International Valuation Standards (IVS) and International Financial Reporting Standards (IFRS).
Source: Property Weekly